A coalition of retirees and civil servants gathered in Abuja on Wednesday to demand an urgent legislative review of the Pension Reform Act (PRA) 2014, arguing that the law has become obsolete in the face of Nigeria’s current economic climate. Led by pension expert and retiree James Ojo, the group pointed out that the Act is now due for its decennial statutory review.
While the 2014 reforms successfully professionalized pension management and curbed the accumulation of unpaid arrears, critics argue it has failed to protect the actual value of the “pension pot” against a decade of inflation.
The primary point of contention remains the Contributory Pension Scheme (CPS), which stakeholders claim restricts access to retirement funds at a time when retirees need them most. James Ojo noted that under current implementation, many retirees are unable to access even 50% of their total savings as a lump sum.
This “capital lock,” he argued, prevents retirees from starting small businesses or investing in their post-service years. “Retirees are retired, not tired,” Ojo stated, calling for a return to a system that acknowledges the need for significant capital to survive the rising cost of living.
Beyond payout percentages, the call for reform includes a push for greater transparency and speed. Civil servant Hauwa Abdullahi emphasized the need for a simplified benefit computation process to ensure that the transition from salary to pension is seamless.
She further advocated for a massive digital literacy campaign, noting that a significant portion of the workforce still lacks an adequate understanding of their rights under the 2014 Act. Policy analysts suggest that a 2026 update should focus on inflation-indexing, ensuring that monthly stipends increase in line with the national consumer price index.
In response to the mounting pressure, the National Pension Commission (PenCom) confirmed that it is currently engaging with the National Assembly to provide technical inputs for a potential amendment. While PenCom has submitted several recommendations aimed at enhancing regulatory oversight and expanding coverage to the informal sector, the commission clarified that the ultimate power to amend the law resides with the legislature.
As the National Assembly prepares for its next session, the eyes of millions of Nigerian workers are on the floor, waiting to see if the law will finally be realigned with the harsh financial realities of 2026.
 2014, arguing that the law has become obsolete in the face of Nigeria’s current economic climate. Led by pension expert and retiree James Ojo, the group pointed out that the Act is now due for its decennial statutory review.){kind=link}